Siemens AG

ots Ad hoc-Service: SIEMENS AG Siemens earnings climb 32% in first quarter Earnings trend in target corridor

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    Munich (ots Ad hoc-Service) - Siemens earnings climb 32% in first quarter Earnings trend in target corridor

    In the first quarter of fiscal 2001 (October 1 to December 31, 2000), Siemens posted double-digit growth in all key figures. On a comparable basis, net income climbed 32% to EUR778 million. Business volume also increased sharply, with new orders rising 28% to EUR23.6 (2000: EUR18.5) billion and sales 23% to EUR20.5 (2000: EUR16.7) billion. "Despite the challenges being faced by individual Groups, we are again aiming for a considerable increase in earnings. The key figures for the first quarter show that we are on the right track," commented CEO Dr. Heinrich v. Pierer.

    Siemens worldwide consolidated, including Infineon, posted net income of EUR1.0 billion. This figure must be adjusted by eliminating a special effect resulting from lower tax rates mandated by the tax reform passed in Germany last October. According to U.S. GAAP, changes in German tax rates must be reflected as of the period of their enactment. This resulted in a one-time reduction of the company's income tax expense in the first quarter. Adjusted for this special effect, the comparable net income rose 32% to EUR778 million.

    The operating Groups as well as Financing and Real Estate contributed to this performance. Adjusted earnings per share, at EUR1.32, are 33% higher than last year. The company's EVA is positive.

    Without Infineon Technologies AG, Siemens' adjusted net income for the first quarter climbed 26% on a comparable basis to EUR579 (2000: EUR458) million. This represents earnings per share of EUR0.98.

    Siemens continues to expect orders and sales to show double-digit growth and outpace the industry average. Growth rates in the first quarter were above average. Due to differentiatted developments in various industries and declining currency translation effects, it is anticipated that growth will edge off during the year. For the full year, the company continues to expect net income to grow considerably faster than sales. Results in the operating Groups will show differentiated development reflecting the climate in their respective industries. The basis for year-on-year comparison is the adjusted net income of EUR2.639 billion for fiscal 2000.

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